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Royal Sundaram Alliance Insurance Company Rs 1,480 crore of premium income in 2011-12, a growth of 29 per cent. Despite providing Rs 222 crore towards ‘motor third party’ (against the minimum requirement of Rs 117 crore), the joint venture of Sundaram Finance and Royal Sun Alliance Insurance of UK, made a post tax of Rs 22 lakh, compared with a loss of Rs 20 crore for the previous financial year.
The shareholders have brought in additional capital of Rs 64 crore to keep up the solvency margin, says a press release from the company.
The press release quotes the Managing Director of the company, Mr Ajay Bimbhet, as saying that the growth came from “all lines of business”.
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